Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $1.07 million sale of 4040 S. Prairie Ave., an eight-unit apartment building in Chicago’s Bronzeville neighborhood. The price per unit was $134,375.
Associate Max Grossman and Managing Partners Lucas Fryman and Ted Stratman represented the seller, Chicago-based The Wolcott Group LLC. Grossman also represented the undisclosed buyer.
“Bronzeville has been very hot, with lots of new construction and mid-six-figure single-family home sales,” said Grossman. “When COVID hit in March, the original buyer walked away, but we were able to re-engage a group that expressed interest earlier in the year and, ultimately, close the deal. In the end, the seller got a good price, and the buyer got an attractive newer building with large apartments in a booming neighborhood.”
Built in 2007, 4040 S. Prairie has four two-bedroom and four three-bedroom duplex units. The apartments, which were 75 percent occupied at the time of sale, feature stainless steel appliances, granite countertops, fireplaces and balconies.
4040 S. Prairie is a block from the Indiana Green Line stop and a short walk from nearby retail, including a Mariano’s grocery store. The property also offers easy access to the Dan Ryan Expressway, as well as the Illinois Institute of Technology, University of Chicago and recreational amenities along the Lake Michigan shoreline.